ECON 132 Lecture Notes - Lecture 10: Hubbert Curve, Qt (Software)
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From your knowledge of the relationships among the various cost functions, complete the following table?
Q |
TTC |
TFC |
TVC |
ATC |
AFC |
AVC |
MC |
0 |
125 |
||||||
10 |
5 |
||||||
20 |
10.50 |
||||||
30 |
110 |
||||||
40 |
255 |
||||||
50 |
3 |
||||||
60 |
3 |
||||||
70 |
5 |
||||||
80 |
295 |
Draw a supply curve from the data given below.
Price | No. of units |
2 | 10 |
4 | 20 |
6 | 30 |
8 | 40 |
10 | 50 |
12 | 60 |
14 | 70 |
16 | 80 |
18 | 90 |
Complete the following table: Assume TFC=$60
Q | TVC | TC | AFC | AVC | ATC | MC |
0 | 0 | 60+0=60 | XX | XXX | XXX | XX |
1 | 30 | 60+30=90 | 60/1=60 | 30/1=30 | 90/1=90 | (90-60)/(1-0)=30 |
2 | 49 | 60+49=109 | 60/2=30 | 49/2=24.5 | 109/2=54.5 | (109-90)/(2-1)=19 |
3 | 65 | |||||
4 | 80 | |||||
5 | 100 | |||||
6 | 124 | |||||
7 | 150 | |||||
8 | 180 | |||||
9 | 215 | |||||
10 | 255 | |||||
11 | 300 | |||||
12 | 360 |
Answer the observation based on the table:
OBSERVATION
(1) At Q=0, TFC = _________.
(2) As Q rises, TFC remains ________________.
(3) At Q = 0, TVC = ___________.
(4) As Q rises, TVC _________.
(5) At Q = 0, TC = __________.
(6) Increases in TC are brought about by increases in ___________.
(7) As Q rises, AFC ___________.
(8) AVC is minimum at Q = ____________.
(9) ATC is minimum at Q = _____________.
(10) When AVC is at its minimum, MC __________ AVC.
(11) When ATC is at its minimum, MC ___________ ATC.